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life insurance cover you need

How much life insurance cover you need?

by Holistic Leave a Comment | Filed Under: Insurance

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No one likes to talk about death. We must accept the fact that everyone born in this world must face the reality of death. Not only losing the loved ones, most of the times, families get into serious financial crisis. The health of the elderly parents, education of children, and life of the spouse are put under a big question mark when the bread winner dies.

What can be done in such scenarios? Life insurance comes in as a friend in deed.

Ok, how do I know how much life insurance I need to secure my family? Do all of us require life insurance? Read ahead to learn whether you need any life insurance to take. If so, the rules on calculating how much life insurance you REALLY need.

Life Insurance and Marital Status

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If you are young and single, you do not worry much about having a life insurance policy. Life insurance becomes essential when you are married. Your spouse and then children become depending on you. Even if both the spouses earn, there will be an impact created financially when one spouse dies. You can opt for a smaller insurance policy when both the spouses have reliable monthly income. In case of single spouse earning, you require a policy with higher coverage.

Life Insurance and Dependents

Let us explain this with an example of policy owner (Husband) with two dependents (wife & child). The current age and income of the husband, routine and planned expenditure will determine the policy one needs to take in this scenario.If you are young with a small child, the education of the child is the major expense here.

Age and premium are directly related. As you age, premium goes up. You can opt for a higher coverage policy at a young age for a lower premium.

Life Insurance and Earning Power

Life insurance (the amount) must cover the earning power of the deceased. Take an example of one family where the bread winner earns Rs.1,00,000 per month. If something happens to the breadwinner, the interest income from the insurance policy claim proceeds must be at least Rs. 1,00,000 per month. Considering the fluctuation in money value due to inflation, better option would be to take a policy that gives more than Rs.1,00, 000 per month.

Life Insurance and Debt

The policy coverage must be higher when you have a debt to cover. If the deceased had a bulk house loan to pay, imagine the situation the family is put into. When you have loans or other debts, consider taking a policy with higher coverage. At the same time, check your affordability to pay the premium along with the EMI connected to your loan.

The family of the deceased person needs money to run their routine life and also they need to repay the loan. So whenever we go for a loan, we need to cover the principal outstanding with a proper term insurance cover.

Life insurance is not for everyone

Life insurance policy is not necessary, if you

– do not have dependents
– have assets to take care of dependents
– have no debts
– are young and have just started earning
– remain single all through your life

Remember, life insurance is not an investment. It is a tool to protect your family in case of misshapes occur due to death. Even though, the key deciding factors are given here, every situation can be different. Professionals can help you calculate the life insurance cover that suits your requirements well.

Next Steps

1) Take all your insurance policies and find out what is the total insurance cover you have.

2) Based on the tips in this article calculate, how much life insurance cover you need.

3) Deduct the answer of the step 1 from step 2

4) The answer of step 3 is the gap in your life insurance. You need to take additional life insurance cover to that extent.

5) Compare the online term insurance premium for the sum assured decided above in various insurance companies and opt for the cheap and best policy.

Calculate and take the right insurance cover for you and protect your family’s lifestyle forever. To take the right life insurance and other investments, preparing a fundamentally strong, fool proof financial plan is required. If you would like to create such a financial plan, then I would firmly vouch for you to take advantage of

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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